New Comprehensive Economic Development Strategy (CEDS) Offers a Blueprint for a Stronger Economy & Growing City
On November, 19th, Mayor Stephanie Rawlings-Blake joined BDC President Bill Cole in the release of a new economic development strategy for Baltimore, titled "Seizing the Momentum, Building a Brighter Future." This comprehensive economic development strategy (CEDS) will build on the mayor's vision of growing Baltimore's population by supporting job growth, expanding business opportunities, encouraging entrepreneurship, and fostering economic inclusion. The final plan will also help guide the City's future economic development efforts and the work of BDC .
"Right now, Baltimore's Economy is
growing, and I plan to keep it that way...This (plan) will help us write
the next chapter of success in Baltimore's rich history. By utilizing
this comprehensive, resuls driven strategy, I am certain that Baltimore
will continue to attract and retain residents and businesses, expand job
opportunities, and invest in our neighborhoods."
Mayor Stephanie Rawlings-Blake
The new CEDS takes a balanced look at Baltimore's economic assets and potential factors that impede Baltimore's economic growth, while offering a series of strategic recommendations for growing Baltimore's economy over the next five years. The plan's recommendations focus around eight major approaches to creating a stronger economic future, and tap into Baltimore's full potential. The plans key recommendations are:
- Focusing on business retention and attraction,
- Improving resources for small business and entrepreneurs,
- Fostering economic inclusion,
- Expanding support for mid-sized companies,
- Recruiting nationally and internationally,
- Focusing on key industry clusters,
- Using investments and real estate development to support economic development goals, and
- Positioning Baltimore regionally and nationally as a premier place to do business and invest.
to the report, Baltimore’s economic future rests with the success fo six
industry clusters that take advantage of the City’s assets and emerging local
and regional trends. The City will
therefore focus its economic development efforts on these six clusters to both
retain and grow existing businesses, while attracting others to Baltimore. Each of these is described briefly below.
Financial and Professional Services
This sector is comprised of banks, financial investment and services firms, law firms, and other business services such as marketing, accounting, lobbying, architecture and engineering. This sector currently includes 2,400 businesses that employ over 32,000 people in Baltimore, with a total payroll of approximately $3.5 billion, average annual wages of $108,000, and total revenue of $31 billion.
Health and Bioscience Technology
sector includes Baltimore's world-class medical and research institutions, and related companies. Baltimore is blessed with
institutions such as Johns Hopkins University, Johns Hopkins Medicine,
and the University of Maryland Medical Center, who collectively employ
tens of thousands of people and attract more than $2.4 billion in
research and development funding annually. The Baltimore economy will
benefit as these institutions work with private sector companies to
capitalize commercially on their research and development. This sector
currently includes 1,100 businesses in Baltimore who employ over 66,000
people, with a total payroll of $3.8 billion, average annual wages of
$57,000, and total current revenues of approximately $14 billion.
Arts, Culture and Tourism
Baltimore has enormous assets, and potential, when it comes to arts, culture and tourism. In addition to bringing economic vitality, the city's thriving arts and cultural scene is bringing life to struggling neighborhoods and adding to the quality of life for everyone in the region. This sector currently represents over 3,000 businesses that employ over 25,000 people, with a total payroll of $657 million, average annual wages of $25,800, and current revenue of approximately $4.6 billion.
Information and Creative Services
This sector includes media, telecommunications, information technology, software, data storage, creative services and cyber security, has grown significantly in recent years, and is poised for continued growth in the future. It represents over 830 businesses in the City who employ 5,600 people, with a total payroll of $433 million, average annual wages of $73,000, and total revenue of approximately $7 billion.
Historically logistics and freight services that support the Port of Baltimore have played a pivotal role in the City's economy. The future for this industry continues to look bright, with over 250 private-sector businesses who employ 7,500 people, with a total payroll of $498 million, average annual wages of $66,900 and total current revenues of $2.2 billion.
Advanced manufacturing uses innovative technologies to make better products and improve production methods. This includes firms working in clean technology, defense, laboratory equipment, light manufacturing and assembly. This sector is important because it creates jobs that pay living wages for a full range of skilled, semi-skilled and highly skilled workers. Manufacturing is seeing a resurgence nationally, and in Baltimore advanced manufacturing is represented by 125 companies who employ over 3,200 people, with a total payroll of $220 million, average annual wages of $68,800, and total revenues of approximately $9.4 billion.
"The report confirms some of what we
already know about small business, but also points to new and exciting
data on manufacturing and technology related industries. Baltimore is
growing and a number of diverse business sectors are driving that
growth. With the strategies contained in this report, BDC will focus on
ways to sustain that expansion, while developing creative ways to
support the Mayor's vision of growing small businesses, retaining
existing businesses, and becoming an even more attractive place for
business investment and job creation."
BDC President, William Cole
The Department of Planning provided important staff support and technical assistance in the creation of the economic development strategy, that will be implemented by BDC. The study was also informed by research and findings from Angelou Economics.
The plan is currently available for public comment here and from the BDC website, through December 19, 2014. To view the complete report and provide comments, please visit baltimoredevelopment.com/ceds-report/. We welcome and encourage you to review and provide feedback on this plan.